Big Ticket | Park Ave. Co-op Is Sale of Week

October 21st 2011

The New York Times

By Marc Santora

The most expensive apartment sale of the week in Manhattan, according to property records, was a 15-room, 6-bedroom co-op at 625 Park Avenue that had an asking price of $29.75 million — although the final sale price could not be confirmed before publication.

But it came with a catch: It’s a fixer-upper. A gilded fixer-upper, to be sure, but still a work in progress.

The 7,500-square-foot fourth-floor apartment is actually two separate spaces. The main living space, about 5,000 square feet, has been lavishly renovated, with all the over-the-top touches one would expect. There are five working fireplaces, eight-foot-tall solid-core French-polished walnut doors, a billiard room and a “chef’s caliber” kitchen, according to the listing on the Web site of Warburg Realty, one of the brokers of the apartment.

Marilynn K. Yee/The New York Times625 Park Avenue
But the “second living space,” an additional 2,500 square feet, “awaits your personal touch,” according to the listing.

The sellers, according to property records, are David Matlin, an investor, and his wife, Lisa. Robert Schulman, a broker for Warburg who helped handle the sale, declined to comment or confirm the final sale price. The Real Deal is reporting that it was $25 million.

Joan Swift of Prudential Douglas Elliman also brokered the sale. She did not return calls for comment. The buyers were not identified. Big Ticket includes closed deals from the previous week, ending Wednesday.